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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): NOVEMBER 22, 1999
EDISON SCHOOLS INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-27817 13-3915075
(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification
Number)
521 FIFTH AVENUE, 15TH FLOOR
NEW YORK, NEW YORK 10175
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 419-1600
Not Applicable
----------------------------
(Former name or former address, if changed since last report)
Item 5. Other Events.
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On November 22, 1999, Edison Schools Inc. issued a press release
regarding a contract with the Dallas Independent School District. A copy of the
press release is included as an exhibit hereto and incorporated herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
See Index to Exhibits attached hereto.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EDISON SCHOOLS INC.
By: /s/ James L. Starr
----------------------------
James L. Starr
Chief Financial Officer and
Executive Vice President
Dated: November 23, 1999
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INDEX TO EXHIBITS
Exhibit
Number
- -------
99.1 Press Release of Edison Schools Inc. dated November 22, 1999.
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE, NOVEMBER 22, 1999
Contact: Gaynor McCown
(212) 419.1733
EDISON SIGNS CONTRACT WITH DALLAS PUBLIC SCHOOL DISTRICT
TO ADD 6,500 STUDENTS TO CURRENT ENROLLMENT OF 38,000
NEW YORK, NEW YORK -- Edison Schools, Inc. (NASDAQ: EDSN), the nation's largest
private manager of public schools, announced today that it had signed a contract
with the Dallas Independent School District to serve 6,500 students next year
and potentially as many as 16,750 students over the next five years. The
agreement is Edison's largest contract since its inception in 1991. Edison
currently manages 79 schools with a total enrollment of 38,000 students in 16
states and 36 cities.
Under the terms of the contract, Edison will educate 6,500 Dallas students in
approximately 6 schools beginning in the fall of 2000. Assuming satisfactory
performance, Edison would enroll an additional 3,500 students beginning in the
fall of 2001 and 2,250 more students in each of 2002, 2003, and 2004.
The Dallas contract represents an increase of approximately $36 million in
revenues for Edison in the next school year and, assuming increased enrollment,
proportionate revenue increases in future years.
Edison serves students from kindergarten through 12th grade. Through contracts
with local school districts and public charter school boards, Edison assumes
educational and operational responsibility for individual schools in return for
per-pupil funding that is generally comparable to that spent on other public
schools in the area. Over the course of three years of intensive research,
Edison's team of leading educators and scholars developed an innovative,
research-backed curriculum and school design. Edison opened its first four
schools in August 1995, and has grown rapidly in every subsequent year.
Except for the historical information contained in this announcement, the
matters discussed are "forward looking statements" (as that term is used in the
Private Securities Litigation Reform Act of 1995) that involve risks and
uncertainties, including risks detailed from time-to-time in Edison's filings
with the Securities and Exchange Commission. In particular, Edison calls to the
reader's attention the risk factors described in its final Prospectus dated
November 10, 1999 under the heading "Risk Factors." Any such forward-looking
statements speak only as of the date such statements are made, and Edison
undertakes no obligations to publicly release the results of any revision to
these forward-looking statements or otherwise update or supplement this
announcement or risk factors contained herein.
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